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Morocco’s Office Cherifien de Phosphate launches $1 billion 10½-year notes at 4.65% yield
By Christine Van Dusen
Atlanta, April 15 – Morocco’s Office Cherifien de Phosphate launched a $1 billion offering of 10½-year notes (expected rating: //BBB-) at 4.65% yield, a market source said.
The notes were talked at a yield in the 4¾% area.
Barclays and Morgan Stanley are the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to fund the company’s expenditure program and for general corporate purposes.
The issuer is a phosphate exporter based in Casablanca.
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